Select Medical Holdings Corp.’s occupational health services provider Concentra is seeking to raise as much as $585 million in an initial public offering.
Concentra Group Holdings Parent Inc. will market 22.5 million shares for $23 to $26 each, according to a filing Monday with the US Securities and Exchange Commission.
Concentra, based in Mechanicsburg, Pennsylvania, operates 547 standalone occupational health centers in 41 states and 151 on-site health clinics at employer work sites in 37 states. It also offers a telemedicine program serving 43 states and the District of Columbia, according to its filings.
The company estimated that it had net income of $84 million on $478 million of revenue during the three months ended June 30, versus net income of $82 million on revenue of $467 million in the same period a year earlier, according to a statement.
Select Medical will sell no more than 19.9% of the company’s equity, maintaining at least 80.1% ownership after the IPO. The company had submitted its IPO registration confidentially, it said in March.
Proceeds of the offering will be used to repay debt held by Select Medical and won’t be used for business operations or development, according to the filings.
JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp. are leading the offering, according to the filing. Concentra plans to list on the New York Stock Exchange under the symbol CON.
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